05/01/2024 | Press release | Distributed by Public on 05/01/2024 08:34
|
Single
Life
|
Joint
Life
|
Current Initial Annual Charge
|
1.50%
|
1.60%
|
Single Life PAI Rate
|
Joint Life PAI Rate
|
||
Age
|
PAI Rate
|
Age
|
PAI Rate
|
59 - 64
|
4.75%
|
59 - 64
|
4.25%
|
65 - 69
|
5.75%
|
65 - 69
|
5.25%
|
70 - 74
|
6.05%
|
70 - 74
|
5.55%
|
75 +
|
6.25%
|
75 +
|
5.75%
|
i4LIFE®Advantage Guaranteed Income Benefit (Managed Risk) for Contractowners who transition from Lin-
coln Lifetime IncomeSMAdvantage 2.0 (Managed Risk)
|
Single
Life
|
Joint
Life
|
Current Initial Annual Charge
|
1.50%
|
1.60%
|
Single Life GIB %
|
Joint Life GIB %
|
||
Age
|
GIB %
|
Age
|
GIB %
|
Under 40
|
2.00%
|
Under 40
|
2.00%
|
40-54
|
2.25%
|
40-54
|
2.00%
|
55-58
|
2.25%
|
55-58
|
2.00%
|
59-64
|
3.25%
|
59-64
|
2.50%
|
65-69
|
4.00%
|
65-69
|
3.00%
|
70-74
|
4.50%
|
70-74
|
3.25%
|
75-79
|
4.50%
|
75-79
|
3.50%
|
80+
|
4.50%
|
80+
|
3.75%
|
|
Single Life
|
Joint Life
|
Current Initial Annual Charge*
|
1.05%
|
1.25%
|
Single Life GIB Percentage
|
Joint Life GIB Percentage
|
||
Age
|
GIB Percentage
|
Age
|
GIB Percentage
|
Under 40
|
2.50%
|
Under 40
|
2.50%
|
40-54
|
3.00%
|
40-54
|
3.00%
|
55-58
|
3.50%
|
55-58
|
3.50%
|
59-64
|
4.00%
|
59-64
|
4.00%
|
65-69
|
4.50%
|
65-69
|
4.00%
|
70-74
|
5.00%
|
70-74
|
4.50%
|
75-79
|
5.00%
|
75-79
|
5.00%
|
80+
|
5.50%
|
80+
|
5.50%
|
Item
|
Page
|
Special Terms
|
3
|
Important Information You Should Consider About the American Legacy®Fusion Variable Annuity Contract
|
5
|
Overview of the Contract
|
7
|
Fee Tables
|
9
|
Principal Risks
|
11
|
Investments of the Variable Annuity Account
|
13
|
Charges and Other Deductions
|
15
|
Premium Based Charge
|
16
|
The Contracts
|
23
|
Purchase Payments
|
24
|
Transfers On or Before the Annuity Commencement Date
|
26
|
Surrenders and Withdrawals
|
28
|
Benefits Available Under the Contract
|
29
|
Death Benefits
|
31
|
Living Benefit Riders
|
35
|
Lincoln Lifetime IncomeSMAdvantage 2.0 (Managed Risk)
|
35
|
i4LIFE®Advantage
|
43
|
Guaranteed Income Benefit
|
46
|
Annuity Payouts
|
52
|
Fixed Side of the Contract
|
54
|
Distribution of the Contracts
|
55
|
Federal Tax Matters
|
56
|
Additional Information
|
62
|
Voting Rights
|
62
|
Return Privilege
|
62
|
State Regulation
|
63
|
Records and Reports
|
63
|
Legal Proceedings
|
63
|
Appendix A - Funds Available Under The Contract
|
A-1
|
Appendix B - Investment Requirements
|
B-1
|
Appendix C - Discontinued Living Benefit Riders
|
C-1
|
Appendix D - Protected Annual Income Rates for Previous Rider Elections
|
D-1
|
Appendix E - Guaranteed Income Benefit Percentages for Previous Rider Elections
|
E-1
|
Appendix F - Enhancement Rates for Previous Rider Elections
|
F-1
|
Appendix G - Current Rider Charges for Previous Elections
|
G-1
|
|
FEES AND EXPENSES
|
Location in
Prospectus
|
Charges for Early
Withdrawals
|
If you make a withdrawal in excess of the free withdrawal amount before the 1styear
since your last Purchase Payment, you may be assessed a surrender charge of up to 1%
of the amount withdrawn, declining to 0% over that time period. For example, if you
make a withdrawal of $100,000 during the first year after your Purchase Payment, you
could be assessed a charge of up to $1,000on the Purchase Payment withdrawn.
|
•Fee Tables
•Examples
•Charges and
Other
Deductions -
Surrender
Charge
|
Transaction
Charges
|
There is currently no charge for a transfer. We reserve the right to charge a $25 fee for
each transfer if you make more than 12 transfers in one Contract Year.
Each Purchase Payment is subject to its own Premium Based Charge that will be
deducted quarterly for seven years after the Purchase Payment is received. The
Premium Based Charge rate for new Purchase Payments decreases as the total amount
of Purchase Payments increase.
|
•Charges and
Other
Deductions -
Premium
Based Charge
|
Ongoing Fees and
Expenses (annual
charges)
|
Minimum and Maximum Annual Fee Table. The table below describes the current fees
and expenses that you may pay each year, depending on the options you choose. Please
refer to your contract specifications page for information about the specific fees you will
pay each year based on the options you have elected.
|
•Fee Tables
•Examples
•Charges and
Other
Deductions
|
||
|
Annual Fee
|
Minimum
|
Maximum
|
|
|
Base Contract - Account Value Death
Benefit
|
0.83%1
|
0.83%1
|
|
|
Base Contract - Guarantee of Principal
Death Benefit
|
0.88%1
|
0.88%1
|
|
|
Base Contract - Enhanced Guaranteed
Minimum Death Benefit
|
1.13%1
|
1.13%1
|
|
|
Investment options (fund fees and
expenses)
|
0.53%1
|
1.20%1
|
|
|
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
|
0.40% 1
|
2.45% 2
|
|
|
1As a percentage of average Account Value in the Subaccounts.
|
|
||
|
2As an annualized percentage of the Protected Income Base.
|
|
|
FEES AND EXPENSES
|
Location in
Prospectus
|
|
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year. This estimate assumes that you do not take withdrawals from the
Contract, which could add surrender charges and Premium Based Charges that
substantially increase costs.
|
|
Lowest Annual Cost: $2,044
|
Highest Annual Cost: $5,809
|
|
Assumes:
|
Assumes:
|
|
•Investment of $100,000
•5% annual appreciation
•Least expensive fund fees and
expenses
•No optional benefits
•No surrender charges
•No Premium Based Charges
•No additional Purchase Payments,
transfers, or withdrawals
|
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
optional benefits and fund fees and
expenses
•No surrender charges
•No Premium Based Charges
•No additional Purchase Payments,
transfers, or withdrawals
|
|
RISKS
|
Location in
Prospectus
|
Risk of Loss
|
•You can lose money by investing in this Contract, including loss of principal.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
Not a Short-Term
Investment
|
•This Contract is not designed for short-term investing and is not appropriate for the
investor who needs ready access to cash.
•Excess Withdrawals may result in surrender charges and Premium Based Charges. If
you take a withdrawal, any surrender charge or Premium Based Charge will reduce
the value of your Contract or the amount of money that you actually receive.
•The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
•Withdrawals are subject to ordinary income tax and may be subject to tax penalties.
|
•Principal Risks
•Surrender and
Withdrawals
•Fee Tables
•Charges and
Other
Deductions
•Living Benefit
Riders
|
Risks Associated
with Investment
Options
|
•An investment in this Contract is subject to the risk of poor investment performance
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
•Each investment option (including the fixed account option) has its own unique risks.
•You should review the investment options before making an investment decision.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
Insurance
Company Risks
|
•An investment in the Contract is subject to the risks related to Lincoln New York. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
New York, including our financial strength ratings, is available upon request by
calling 1-800-942-5500 or visiting www.LincolnFinancial.com.
|
•Principal Risks
|
|
RESTRICTIONS
|
Location in
Prospectus
|
Investments
|
•The frequency of transfers between investment options is restricted. There are also
restrictions on the minimum amount that may be transferred from a variable option
and the maximum amount that may be transferred from the fixed account option.
•We reserve the right to charge a $25 fee for each transfer if you make more than 12
transfers in one Contract Year.
•We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
•Your ability to transfer between investment options may also be restricted as a result
of Investment Requirements if you have elected an optional benefit.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
Optional Benefits
|
•Optional benefits may limit or restrict the investment options that you may select
under the Contract. We may change these restrictions in the future.
•Excess Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn or result in termination of the benefit.
•You are required to have a certain level of Contract Value for some new rider
elections.
•We may modify or stop offering an optional benefit that is currently available at any
time.
•If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
|
•The Contracts
•Living Benefit
Riders
•Appendix B -
Investment
Requirements
•Appendix C -
Discontinued
Living Benefit
Riders
|
|
TAXES
|
Location in
Prospectus
|
Tax Implications
|
•Consult with a tax professional to determine the tax implications of an investment in
and payments received under this Contract.
•If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
•Earnings on your Contract are taxed at ordinary income tax rates when you withdraw
them, and you may have to pay a penalty if you take a withdrawal before age 59½.
|
•Federal Tax
Matters
|
|
CONFLICTS OF INTEREST
|
Location in
Prospectus
|
Investment
Professional
Compensation
|
•Your registered representative may receive compensation for selling this Contract to
you, both in the form of commissions and because we may share the revenue it
earns on this Contract with the professional's firm. (Your investment professional
may be your broker, investment adviser, insurance agent, or someone else).
•This potential conflict of interest may influence your investment professional to
recommend this Contract over another investment.
|
•Distribution of
the Contracts
•Principal Risks
|
Exchanges
|
•Some investment professionals may have a financial incentive to offer you a new
Contract in place of the one you own. You should only exchange your contract if you
determine, after comparing the features, fees, and risks of both contracts, that it is
better for you to purchase the new Contract rather than continue to own your existing
contract.
|
•The Contracts -
Replacement
of Existing
Insurance
|
Premium Based Charge (as a percentage of Purchase Payments):1,2
|
4.90%
|
Surrender charge (as a percentage of Purchase Payments surrendered/withdrawn):3
|
1.00%
|
Transfer charge:4
|
$25
|
Administrative Expense (Annual Account Fee):1
|
|
$50
|
|
|
|
Base Contract Expenses
(as a percentage of average Account Value in the Subaccounts)2
|
|
|
Account Value Death Benefit
|
|
0.80%
|
Guarantee of Principal Death Benefit
|
|
0.85%
|
Enhanced Guaranteed Minimum Death Benefit (EGMDB)
|
|
1.10%
|
Optional Benefit Expenses (Protected Lifetime Income Fees)
|
Single
Life
|
Joint
Life
|
Lincoln Lifetime IncomeSMAdvantage 2.0 (Managed Risk) riders elected on or after May 21, 2018:3, 4
|
|
|
Guaranteed Maximum Annual Charge
|
2.25%
|
2.45%
|
Lincoln Lifetime IncomeSMAdvantage 2.0 (Managed Risk) riders elected prior to May 21, 2018:4, 5
|
|
|
Guaranteed Maximum Annual Charge
|
2.00%
|
2.00%
|
Current Initial Annual Charge
|
1.05%
|
1.25%
|
i4LIFE® Advantage:6
|
|
|
Current Charge
|
0.40%
|
0.40%
|
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk):3, 7
|
|
|
Guaranteed Maximum Annual Charge
|
2.00%
|
2.00%
|
i4LIFE® Advantage Guaranteed Income Benefit (version 4):7
|
|
|
Guaranteed Maximum Annual Charge
|
2.00%
|
2.00%
|
Current Charge
|
0.65%
|
0.85%
|
Annual Fund Expenses
|
Minimum
|
Maximum
|
Expenses that are deducted from the fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses before reimbursements.
|
0.53
%
|
1.20
%
|
Expenses that are deducted from the fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses after any waivers or expense reimbursements.1
|
0.48
%
|
1.16
%
|
1 year
|
3 years
|
5 years
|
10 years
|
$10,654
|
$19,560
|
$29,974
|
$58,082
|
1 year
|
3 years
|
5 years
|
10 years
|
$5,454
|
$16,760
|
$28,574
|
$58,082
|
1 year
|
3 years
|
5 years
|
10 years
|
$10,595
|
$18,927
|
$28,184
|
$51,127
|
1 year
|
3 years
|
5 years
|
10 years
|
$5,395
|
$16,127
|
$26,784
|
$51,127
|
|
Enhanced
Guaranteed Minimum
Death Benefit (EGMDB)
|
Guarantee of
Principal Death
Benefit (GOP)
|
Account Value
Death Benefit
|
Mortality and expense risk charge
|
1.00
%
|
0.75
%
|
0.70
%
|
Administrative charge
|
0.10
%
|
0.10
%
|
0.10
%
|
Total base contract expense
|
1.10
%
|
0.85
%
|
0.80
%
|
Total Purchase Payment
|
Premium Based
Charge Rate Per Quarter
|
Total Premium
Based Charge Rate
|
Less than $50,000
|
0.1750
%
|
4.90
%
|
$50,000 - ˂ $100,000
|
0.1600
%
|
4.48
%
|
$100,000 - ˂ $250,000
|
0.1250
%
|
3.50
%
|
$250,000 - ˂ $500,000
|
0.0875
%
|
2.45
%
|
$500,000 - ˂ $1,000,000
|
0.0625
%
|
1.75
%
|
$1,000,000 +
|
0.0375
%
|
1.05
%
|
1/1/2024 Initial Purchase Payment
|
$25,000
|
3/31/2024 Premium Based Charge percentage on the quarterly anniversary
|
0.1750
%
|
3/31/2024 Premium Based Charge amount on the quarterly anniversary
|
$43.75
|
Total Premium Based Charge due on the $25,000 Purchase Payment (deducted over 28 quarters)
|
$1,225
|
6/30/2024 Premium Based Charge amount on the quarterly anniversary
|
$43.75
|
7/1/2024 Second Purchase Payment
|
$50,000
|
9/30/2024 Premium Based Charge percentage for second Purchase Payment on the quarterly anniversary
|
0.1600
%
|
9/30/2024 Premium Based Charge amount for the second Purchase Payment on the quarterly anniversary
|
$80.00
|
Total Premium Based Charge due on the $50,000 Purchase Payment (deducted over 28 quarters)
|
$2,240
|
9/30/2024 Total Premium Based Charge on the third quarterly anniversary (first Purchase Payment: $43.75; second
Purchase Payment: $80.00)
|
$123.75
|
7/1/2024 Total Purchase Payments
|
$75,000
|
7/1/2024 Current Account Value
|
$80,000
|
7/1/2024 Withdrawal
|
$20,000
|
7/1/2024 Premium Based Charge Free Amount (10% of greater of total Purchase Payments ($75,000) and Contract
Value ($80,000)
|
$8,000
|
7/1/2024 Amount of withdrawal above Premium Based Charge Free Amount ($20,000-$8,000)
|
$12,000
|
7/1/2024 Total uncollected Premium Based Charge ($1,225 Premium Based Charge for initial Purchase Payment (less
six quarterly Premium Based Charge deductions of $43.75 ($262.50)) + $2,240.00 Premium Based Charge for the
second Purchase Payment (less four quarterly Premium Based Charge deductions of $80.00 ($320.00))
|
$2,882.50
|
7/1/2024 Portion of Premium Based Charge deduction attributable to withdrawal (Amount of withdrawal above Premium
Based Charge Free Amount, divided by an amount equal to the sum of Purchase Payments within Premium Based
Charge period minus the total of all prior withdrawals above Premium Based Charge Free Amount, then multiplied by
the total uncollected Premium Based Charge ($12,000 / $75,000) x $2,882.50
|
$461.20
|
7/1/2024 Recalculated Premium Based Charge Amount for first Purchase Payment (deducted for 22 more quarters).
Current quarterly Premium Based Charge Amount multiplied by an amount equal to 1 - the amount of the withdrawal
above Premium Based Charge Free Amount divided by the sum of Purchase Payments within Premium Based Charge
period, minus the total of all prior withdrawals above the Premium Based Charge Free Amount [$43.75 (1 - $12,000/
$75,000)]
|
$36.75
|
7/1/2024 Recalculated Premium Based Charge Amount for second Purchase Payment
(deducted for 24 more quarters)
|
$67.20
|
9/30/2024 Current Contract Value
|
$62,000
|
9/30/2024 Total uncollected Premium Based Charge due. $808.50 ($36.75 x 22 quarters) Premium Based Charge
Amount due for the first Purchase Payment, plus $1,612.80 ($67.20 x 24 quarters) Premium Based Charge Amount
due for the second Purchase Payment)
|
$2,421.30
|
9/30/2024 Surrender value ($62,000 - $2,421.30)
|
$59,578.70
|
|
Number of years since
Purchase Payment was invested
|
|
|
0
|
1
|
Surrender charge as a percentage of the surrendered or withdrawn
Purchase Payments
|
1
%
|
0
%
|
1/1/2024 Initial i4LIFE®Advantage Account Value
|
$100,000
|
1/1/2024 Protected Income Base as of the last Valuation Date under the Prior Rider
|
$125,000
|
1/1/2024 Initial Annual Charge for i4LIFE®Advantage Guaranteed Income Benefit ($125,000 x 1.50%). The protected
lifetime income fee for the Prior Rider is assessed against the Protected Income Base since it is larger than the
Account Value
|
$1,875
|
1/2/2024 Amount of initial i4LIFE®Advantage Regular Income Payment (an example of how the Regular Income Payment
is calculated is shown in the SAI)
|
$5,173
|
1/2/2024 Initial Guaranteed Income Benefit (4% x $125,000 Protected Income Base)
|
$5,000
|
1/2/2025 Recalculated Regular Income Payment (due to market gain in Account Value)
|
$6,900
|
1/2/2025 New Guaranteed Income Benefit (75% x $6,900 Regular Income Payment)
|
$5,175
|
1/2/2025 Annual Charge for i4LIFE®Advantage Guaranteed Income Benefit ($1,875 x ($5,175/$5,000)) Prior charge x
[ratio of increased Guaranteed Income Benefit to prior Guaranteed Income Benefit]
|
$1,940.63
|
1/2/2025 Annual Charge for i4LIFE®Advantage Guaranteed Income Benefit
|
$1,940.63
|
1/2/2026 Recalculated Regular Income Payment (due to Account Value increase)
|
$7,400
|
1/2/2026 New Guaranteed Income Benefit (75% x $7,400 Regular Income Payment)
|
$5,550
|
Assume the Prior Rider fee rate increases from 1.50% to 1.60%.
|
|
1/2/2026 Annual Charge for i4LIFE®Advantage Guaranteed Income Benefit ($1,940.63 x ($5,550/$5,175) x
(1.60%/1.50%))
|
$2,220.01
|
Standard Benefits
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
Account Value Death
Benefit
|
Provides a Death Benefit equal to the
Contract Value.
|
•0.80%
|
•Poor investment performance could
significantly reduce the benefit.
•Withdrawals could significantly reduce
the benefit.
|
Guarantee of Principal
Death Benefit
|
Provides a Death Benefit equal to the
greatest of (1) Contract Value; (2) all
Purchase Payments, adjusted for
withdrawals.
|
•0.85%
|
•Withdrawals could significantly reduce
the benefit.
|
Enhanced Guaranteed
Minimum Death
Benefit (EGMDB)
|
Provides a Death Benefit equal to the
greatest of (1) Contract Value; (2) all
Purchase Payments, adjusted for
withdrawals; (3) the highest Contract Value
on any contract anniversary prior to age 81
as adjusted for withdrawals.
|
•1.10%
|
•Not available if age 80 or older at the
time of issuance.
•Withdrawals could significantly reduce
the benefit.
•Poor investment performance could
significantly reduce and limit potential
increases to the highest Contract Value.
|
Dollar-Cost Averaging
|
Allows you to automatically transfer
amounts between certain investment
options on a monthly basis.
|
None
|
•Minimum amount to be dollar cost
averaged is $1,500 over any time period
between 3 and 60 months.
•Cannot be used simultaneously with
portfolio rebalancing or cross
reinvestment.
|
Portfolio Rebalancing
|
Allows you to automatically reallocate your
Contract Value among investment options
on a periodic basis based on your standing
allocation instructions.
|
None
|
•Cannot be used simultaneously with
dollar cost averaging or cross
reinvestment.
|
Standard Benefits
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
Cross-Reinvestment
|
When the amount invested in an investment
option exceeds a baseline amount, allows
you to automatically transfer the excess
amount to another investment option.
|
None
|
•Cannot be used simultaneously with
dollar cost averaging or portfolio
rebalancing.
|
Automatic Withdrawal
Service
|
Allows you to take periodic withdrawals
from your Contract automatically.
|
None
|
•Automatically terminates once i4LIFE®
Advantage begins.
|
Optional Benefits - Available for Election
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
Lincoln Lifetime
IncomeSMAdvantage
2.0 (Managed Risk)
|
Provides:
•Guaranteed lifetime periodic withdrawals;
•An Enhancement to the Protected
Income Base;
•Account Value Step-ups of the Protected
Income Base;
•Age-based increases to the Protected
Annual Income amount.
|
•2.25% Single Life
Option
•2.45% Joint Life
Option
(as a percentage of
the Protected
Income Base)
|
•Investment Requirements apply.
•Excess Withdrawals could significantly
reduce or terminate the benefit.
•Any withdrawal may negatively impact or
eliminate the potential for enhancements
or step-ups.
•Subject to a $10 million maximum
Protected Income Base across all Living
Benefit Riders.
•Purchase Payments and step-ups may
increase fee rate.
•Additional Purchase Payments may be
limited.
|
i4LIFE®Advantage
|
Provides:
•Variable periodic Regular Income
Payments for life.
•The ability to make additional
withdrawals and surrender the Contract
during the Access Period.
|
•i4LIFE®Advantage:
0.40%in addition to
the base contract
expense for the
Death Benefit you
have elected.
|
•Withdrawals could significantly reduce or
terminate the benefit.
•Restrictions apply to the length of the
Access Period.
•Additional Purchase Payments may be
subject to restrictions.
|
Optional Benefits - No Longer Available for Election1
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
Lincoln Lifetime
IncomeSMAdvantage
2.0
|
Provides:
•Guaranteed lifetime periodic withdrawals;
•An Enhancement to the Protected
Income Base;
•Account Value Step-ups of the Protected
Income Base;
•Age-based increases to the Protected
Annual Income amount
|
•2.00%
(as a percentage of
Protected Income
Base)
|
•Investment Requirements apply.
•Subject to a $10 million maximum
across all Living Benefit Riders.
•Excess withdrawals could significantly
reduce or terminate the benefit.
•Any withdrawal may negatively impact or
eliminate the potential for enhancements
or step-ups.
•Purchase Payments and step-ups may
increase fee rate.
•Additional Purchase Payments may be
limited.
|
Optional Benefits - No Longer Available for Election1
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
i4LIFE® Advantage
Guaranteed Income
Benefit
|
•Provides a minimum payout floor for
Regular Income Payments under i4LIFE®
Advantage.
|
•Guaranteed Income
Benefit (Managed
Risk) and
Guaranteed Income
Benefit (version 4):
2.00%* (single/joint
life option)
*The Guaranteed
Income Benefit
charge is in addition
to the i4LIFE®
Advantage charge
and your base
contract expense.
|
•Guaranteed Income Benefit limits
available investment options (Investment
Requirements apply).
•Withdrawals could significantly reduce or
terminate the benefit.
•Restrictions apply to the length of the
Access Period.
•Additional Purchase Payments can be
subject to restrictions.
|
upon death of:
|
and...
|
and...
|
Death Benefit proceeds pass to:
|
Contractowner
|
There is a surviving joint owner
|
The Annuitant is living or deceased
|
Joint owner
|
Contractowner
|
There is no surviving joint owner
|
The Annuitant is living or deceased
|
Designated Beneficiary
|
Contractowner
|
There is no surviving joint owner
and the Beneficiary predeceases the
Contractowner
|
The Annuitant is living or deceased
|
Contractowner's estate
|
Annuitant
|
The Contractowner is living
|
There is no contingent Annuitant
|
The youngest Contractowner
becomes the contingent Annuitant
and the Contract continues. The
Contractowner may waive* this
continuation and receive the Death
Benefit proceeds.
|
Annuitant
|
The Contractowner is living
|
The contingent Annuitant is living
|
Contingent Annuitant becomes the
Annuitant and the Contract
continues
|
Annuitant
|
The Contractowner is a trust or
other non-natural person**
|
No contingent Annuitant allowed
with non-natural Contractowner
|
Designated Beneficiary
|
7/3/2024 Initial Deposit / Contract Value
|
$10,000
|
7/3/2028 Contract Value
|
$25,000
|
7/3/2029 Contract Value
|
$23,500
|
|
Contract
Value
|
Protected Income Base
|
At issue
|
$50,000
|
$50,000
|
1stBenefit Year anniversary
|
$54,000
|
$54,000
|
2ndBenefit Year anniversary
|
$53,900
|
$56,700
|
Contract Value on the rider's effective date
|
$200,000
|
Protected Income Base and Enhancement Base on the rider's
effective date
|
$200,000
|
Initial Protected Annual Income amount on the rider's effective
date ($200,000 x 4.00%)
|
$8,000
|
Contract Value six months after rider's effective date
|
$210,000
|
Protected Income Base and Enhancement Base six months after
rider's effective date
|
$200,000
|
Withdrawal six months after rider's effective date
|
$8,000
|
Contract Value after withdrawal ($210,000 - $8,000)
|
$202,000
|
Protected Income Base and Enhancement Base after withdrawal
($200,000 - $0)
|
$200,000
|
Contract Value on first Benefit Year anniversary
|
$205,000
|
Protected Income Base and Enhancement Base on first Benefit
Year anniversary
|
$205,000
|
Protected Annual Income amount on first Benefit Year anniversary
($205,000 x 4.00%)
|
$8,200
|
|
Minimum Access Period
|
Maximum Access Period
|
i4LIFE®Advantage (without a Guaranteed Income
Benefit) for new elections on and after November 20,
2023
|
10 years
|
The length of time between
your age and age 115 for
nonqualified contracts; age
100 for qualified contracts
|
|
Minimum Access Period
|
Maximum Access Period
|
i4LIFE®Advantage (without a Guaranteed Income
Benefit) for elections prior to November 20, 2023
|
5 years
|
The length of time between
your age and age 115 for
nonqualified contracts; age
100 for qualified contracts
|
Guaranteed Income Benefit (Managed Risk)
|
Longer of 20 years or the difference between your age
(nearest birthday) and age 90
|
To age 115 for nonqualified
contracts; to age 100 for
qualified contracts
|
Guaranteed Income Benefit (version 4) elections on or
after May 21, 2012
|
Longer of 20 years or the difference between your age
(nearest birthday) and age 100
|
To age 115 for nonqualified
contracts; to age 100 for
qualified contracts
|
Guaranteed Income Benefit (version 4) elections prior to
May 21, 2012
|
Longer of 20 years or the difference between your age
(nearest birthday) and age 90
|
To age 115 for nonqualified
contracts; to age 100 for
qualified contracts
|
Account Value (equals Contract Value on date i4LIFE®Advantage
Guaranteed Income Benefit is elected)
|
$100,000
|
|
Protected Income Base on date i4LIFE®Advantage Guaranteed
Income Benefit is elected:
|
$140,000
|
|
Initial Regular Income Payment
|
$5,411
|
|
Initial Guaranteed Income Benefit (4.5% x $140,000 Protected
Income Base which is greater than $100,000 Account Value)
|
$6,300
|
|
i4LIFE®Account Value before market decline
|
$135,000
|
i4LIFE®Account Value after market decline
|
$100,000
|
Monthly Guaranteed Income Benefit
|
$810
|
Monthly Regular Income Payment after market decline
|
$769
|
Account Value after market decline and Guaranteed Income Benefit
payment
|
$99,190
|
8/1/2024 Amount of initial Regular Income Payment
|
$4,801
|
8/1/2024 Account Value at election of Guaranteed Income Benefit
|
$100,000
|
8/1/2024 Initial Guaranteed Income Benefit (4% x $100,000 Account Value)
|
$4,000
|
8/1/2025 Recalculated Regular Income Payment
|
$6,000
|
8/1/2025 Guaranteed Income Benefit after step-up (75% of $6,000)
|
$4,500
|
If your Prior Rider is...
|
you will transition to…
|
•Lincoln Lifetime IncomeSMAdvantage 2.0 (Managed Risk)
|
Guaranteed Income Benefit (Managed Risk)
|
•Lincoln Lifetime IncomeSMAdvantage 2.0
|
Guaranteed Income Benefit (version 4)
|
Minimum Access Period
|
||
|
Elections of i4LIFE®Advantage prior
to the 5thBenefit Year anniversary
|
Elections of i4LIFE®Advantage on and
after the 5thBenefit Year anniversary
|
Purchasers of:
•Lincoln Lifetime IncomeSMAdvantage
2.0 (Managed Risk) on or after June 15,
2020
|
Longer of 20 years or the difference
between your age and age 90
|
Longer of 20 years or the difference
between your age and age 90
|
Purchasers of:
•Lincoln Lifetime IncomeSMAdvantage
2.0 on or after May 21, 2012
|
Longer of 20 years or the difference
between your age and age 100
|
Longer of 20 years or the difference
between your age and age 95
|
Purchasers of:
•Lincoln Lifetime IncomeSMAdvantage
2.0 (Managed Risk) prior to June 15,
2020
•Lincoln Lifetime IncomeSMAdvantage
2.0 prior to May 21, 2012
|
Longer of 20 years or the difference
between your age and age 90
|
Longer of 15 years or the difference
between your age and age 85
|
i4LIFE®Advantage Guarantee of Principal Death Benefit
|
$200,000
|
|
Regular Income Payment
|
$25,000
|
|
Account Value at the time of additional withdrawal
|
$150,000
|
|
Additional withdrawal
|
$15,000
|
($15,000/$150,000=10% withdrawal)
|
|
|
|
Death Benefit Value after Regular Income Payment = $200,000 - $25,000 = $175,000
|
||
Reduction in Death Benefit value for withdrawal = $175,000 x 10% = $17,500
|
||
Death Benefit Value after additional withdrawal = $175,000 - $17,500 = $157,500
|
i4LIFE®Regular Income Payment before additional withdrawal
|
$1,200
|
|
Guaranteed Income Benefit before additional withdrawal
|
$900
|
|
Account Value at time of additional withdrawal
|
$150,000
|
|
Additional withdrawal
|
$15,000
|
(a 10% withdrawal)
|
|
|
|
Reduction in Guaranteed Income Benefit for additional withdrawal = $900 x 10% = $90
|
||
Guaranteed Income Benefit after additional withdrawal = $900 - $90 = $810
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
|
|
|
1 year
|
5 year
|
10 year
|
High total return (including income and
capital gains) consistent with
preservation of capital over the long
term.
|
American Funds Asset Allocation Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.55%
|
14.27%
|
9.20%
|
7.25%
|
High total return (including income and
capital gains) consistent with
preservation of capital over the long
term.
|
American Funds Asset Allocation Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.80%
|
14.02%
|
8.92%
|
6.98%
|
Seeks to provide a level of current
income that exceeds the average yield on
U.S. stocks generally and to provide a
growing stream of income over the
years.
|
American Funds Capital Income Builder®
- Class 4
|
0.78%2
|
8.75%
|
7.18%
|
N/A
|
To provide, over the long term, with a
high level of total return consistent with
prudent investment management.
|
American Funds Capital World Bond
Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.73%
|
6.14%
|
-0.33%
|
0.36%
|
To provide, over the long term, with a
high level of total return consistent with
prudent investment management.
|
American Funds Capital World Bond
Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.98%
|
5.89%
|
-0.56%
|
0.12%
|
Long-term growth of capital while
providing current income.
|
American Funds Capital World Growth
and Income Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.66%2
|
20.88%
|
10.34%
|
7.62%
|
Long-term growth of capital while
providing current income.
|
American Funds Capital World Growth
and Income Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.91%2
|
20.65%
|
10.07%
|
7.36%
|
The balanced accomplishment of three
objectives: long-term growth of capital,
conservation of principal and current
income.
|
American Funds Global Balanced Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.77%2
|
13.83%
|
7.44%
|
5.40%
|
The balanced accomplishment of three
objectives: long-term growth of capital,
conservation of principal and current
income.
|
American Funds Global Balanced Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
1.02%2
|
13.45%
|
7.16%
|
5.20%
|
Long-term growth of capital.
|
American Funds Global Growth Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.66%2
|
22.60%
|
13.65%
|
9.58%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
|
|
|
1 year
|
5 year
|
10 year
|
Long-term growth of capital.
|
American Funds Global Growth Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.91%2
|
22.29%
|
13.36%
|
9.30%
|
Long-term growth of capital. A fund of
funds.
|
American Funds Global Growth
PortfolioSM- Class 4
|
0.97%
|
23.03%
|
11.36%
|
N/A
|
Long-term capital growth.
|
American Funds Global Small
Capitalization Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.91%2
|
16.17%
|
8.31%
|
5.78%
|
Long-term capital growth.
|
American Funds Global Small
Capitalization Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
1.16%2
|
15.79%
|
8.03%
|
5.51%
|
To provide long-term growth of capital
while providing current income. A fund of
funds.
|
American Funds Growth and Income
PortfolioSM- Class 4
|
0.82%
|
15.86%
|
8.53%
|
N/A
|
Growth of capital.
|
American Funds Growth Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.59%
|
38.49%
|
18.68%
|
14.36%
|
Growth of capital.
|
American Funds Growth Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.84%
|
38.13%
|
18.38%
|
14.07%
|
Long-term growth of capital and income.
|
American Funds Growth-Income Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.53%
|
26.14%
|
13.36%
|
10.91%
|
Long-term growth of capital and income.
|
American Funds Growth-Income Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.78%
|
25.82%
|
13.08%
|
10.63%
|
To provide investors with a high level of
current income; capital appreciation is
the secondary objective.
|
American Funds High-Income Trust -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.57%2
|
12.45%
|
6.09%
|
4.41%
|
To provide investors with a high level of
current income; capital appreciation is
the secondary objective.
|
American Funds High-Income Trust -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.82%2
|
12.18%
|
5.84%
|
4.15%
|
Long-term growth of capital.
|
American Funds International Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.78%
|
15.84%
|
4.83%
|
3.41%
|
Long-term growth of capital.
|
American Funds International Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
1.03%
|
15.56%
|
4.58%
|
3.15%
|
Long-term growth of capital while
providing current income.
|
American Funds International Growth
and Income Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.81%
|
15.76%
|
6.11%
|
3.31%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
|
|
|
1 year
|
5 year
|
10 year
|
Long-term growth of capital while
providing current income.
|
American Funds International Growth
and Income Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
1.06%
|
15.66%
|
5.86%
|
3.06%
|
To provide high total return (including
income and capital gains) consistent with
preservation of capital over the long term
while seeking to manage volatility and
provide downside protection. A fund of
funds.
|
American Funds Managed Risk Asset
Allocation Fund - Class P2
|
0.90%2
|
10.23%
|
5.91%
|
4.74%
|
High total return (including income and
capital gains) consistent with
preservation of capital over the long term
while seeking to manage volatility and
provide downside protection. A fund of
funds.
|
American Funds Managed Risk Global
Allocation PortfolioSM- Class P2
|
1.04%2
|
10.52%
|
4.56%
|
N/A
|
Long-term growth of capital and current
income while seeking to manage volatility
and provide downside protection. A fund
of funds.
|
American Funds Managed Risk Growth
and Income PortfolioSM- Class P2
|
0.91%2
|
11.71%
|
5.66%
|
N/A
|
Long-term growth of capital while
seeking to manage volatility and provide
downside protection. A fund of funds.
|
American Funds Managed Risk Growth
PortfolioSM- Class P2
|
0.94%2
|
15.57%
|
6.73%
|
N/A
|
To provide current income and
preservation of capital.
|
American Funds Mortgage Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.57%2
|
3.68%
|
0.80%
|
1.48%
|
To provide current income and
preservation of capital.
|
American Funds Mortgage Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.82%2
|
3.51%
|
0.57%
|
1.24%
|
Long-term capital appreciation.
|
American Funds New World Fund®-
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.82%2
|
15.99%
|
8.64%
|
4.69%
|
Long-term capital appreciation.
|
American Funds New World Fund®-
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
1.07%2
|
15.67%
|
8.37%
|
4.43%
|
To provide as high a level of current
income as is consistent with the
preservation of capital.
|
American Funds The Bond Fund of
America - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.48%2
|
5.02%
|
1.89%
|
2.08%
|
To provide as high a level of current
income as is consistent with the
preservation of capital.
|
American Funds The Bond Fund of
America - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.73%2
|
4.72%
|
1.62%
|
1.83%
|
To provide a high level of current income
consistent with prudent investment risk
and preservation of capital.
|
American Funds U.S. Government
Securities Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.51%2
|
2.89%
|
1.04%
|
1.52%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
|
|
|
1 year
|
5 year
|
10 year
|
To provide a high level of current income
consistent with prudent investment risk
and preservation of capital.
|
American Funds U.S. Government
Securities Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.76%2
|
2.62%
|
0.79%
|
1.27%
|
To provide the investors with current
income, consistent with the maturity and
quality standards applicable to the fund,
and preservation of capital and liquidity.
|
American Funds Ultra-Short Bond Fund -
Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.56%
|
4.64%
|
1.37%
|
0.74%
|
To provide the investors with current
income, consistent with the maturity and
quality standards applicable to the fund,
and preservation of capital and liquidity.
|
American Funds Ultra-Short Bond Fund -
Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.81%
|
4.44%
|
1.12%
|
0.53%
|
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing.
|
American Funds Washington Mutual
Investors Fund - Class 2
This fund is not available in contracts
issued on or after May 22, 2017.
|
0.52%2
|
17.29%
|
12.60%
|
9.91%
|
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing.
|
American Funds Washington Mutual
Investors Fund - Class 4
This fund is not available in contracts
issued before May 22, 2017.
|
0.77%2
|
16.97%
|
12.33%
|
9.64%
|
A balance between a high level of current
income and growth of capital, with an
emphasis on growth of capital. A fund of
funds.
|
LVIP American Balanced Allocation Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
|
0.93%2
|
13.27%
|
7.63%
|
5.72%
|
A balance between a high level of current
income and growth of capital. A fund of
funds.
|
LVIP American Global Balanced
Allocation Managed Risk Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
This fund is not available in contracts
issued on or after May 16, 2016.
|
0.95%
|
11.41%
|
5.39%
|
4.14%
|
A balance between a high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
|
LVIP American Global Growth Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
This fund is not available in contracts
issued on or after May 16, 2016.
|
0.97%
|
13.57%
|
5.82%
|
4.14%
|
A balance between a high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
|
LVIP American Growth Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.94%2
|
14.55%
|
8.17%
|
6.12%
|
A high level of current income with some
consideration given to growth of capital.
A fund of funds.
|
LVIP American Income Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.93%2
|
10.40%
|
5.73%
|
4.51%
|
Current income, consistent with the
preservation of capital. A fund of funds.
|
LVIP American Preservation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.86%2
|
3.74%
|
0.98%
|
1.00%
|
Group 1
Investments must be at least 30% of Contract
Value or Account Value.
|
Group 2
Investments cannot exceed 70% of Contract
Value or Account Value.
|
Group 3
Investments cannot exceed 10% of Contract
Value or Account Value.
|
American Funds Capital World Bond Fund
American Funds Mortgage Fund
American Funds The Bond Fund of America
American Funds U.S. Government Securities
Fund
LVIP American Preservation Fund
|
All other Subaccounts except as described below.
|
No Subaccounts at this time.
|
|
Current Annual Fee Rate
|
Guaranteed Maximum Annual Fee Rate
|
||
Single
Life
|
Joint
Life
|
Single
Life
|
Joint
Life
|
|
Lincoln Lifetime
IncomeSMAdvantage 2.0
|
1.05% (0.2625%
quarterly)
|
1.25% (0.3125%
quarterly)
|
2.00%
|
2.00%
|
If your Prior Rider is...
|
you will transition to...
|
Lincoln Lifetime IncomeSMAdvantage 2.0
|
i4LIFE®Advantage Guaranteed Income Benefit
(version 4)
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
59 - 64
|
4.75%
|
59 - 64
|
4.25%
|
65 - 69
|
5.75%
|
65 - 69
|
5.25%
|
70 - 74
|
6.05%
|
70 - 74
|
5.55%
|
75+
|
6.25%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
59 - 64
|
4.60%
|
59 - 64
|
4.10%
|
65 - 69
|
5.55%
|
65 - 69
|
5.05%
|
70 - 74
|
5.75%
|
70 - 74
|
5.25%
|
75+
|
6.05%
|
75+
|
5.55%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
59 - 64
|
4.35%
|
59 - 64
|
3.85%
|
65 - 69
|
5.40%
|
65 - 69
|
4.90%
|
70 - 74
|
5.50%
|
70 - 74
|
5.00%
|
75+
|
5.70%
|
75+
|
5.20%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
65 - 69
|
5.30%
|
65 - 69
|
4.80%
|
70+
|
5.40%
|
70+
|
4.90%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
65 - 69
|
5.15%
|
65 - 69
|
4.65%
|
70+
|
5.25%
|
70+
|
4.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
65+
|
5.00%
|
65+
|
4.50%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.20%
|
55 - 58
|
2.90%
|
59 - 64
|
4.50%
|
59 - 64
|
4.00%
|
65 - 69
|
5.35%
|
65 - 69
|
5.00%
|
70 - 74
|
5.45%
|
70 - 74
|
5.10%
|
75+
|
5.60%
|
75+
|
5.20%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.50%
|
55 - 58
|
3.20%
|
59 - 64
|
4.50%
|
59 - 64
|
4.10%
|
65 - 69
|
5.50%
|
65 - 69
|
5.20%
|
70 - 74
|
5.60%
|
70 - 74
|
5.30%
|
75+
|
5.70%
|
75+
|
5.40%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.75%
|
55 - 58
|
3.75%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 69
|
5.75%
|
65 - 69
|
5.50%
|
70 - 74
|
5.75%
|
70 - 74
|
5.60%
|
75+
|
6.00%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.75%
|
55 - 58
|
3.75%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 69
|
5.85%
|
65 - 69
|
5.50%
|
70 - 74
|
5.90%
|
70 - 74
|
5.60%
|
75+
|
6.00%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.75%
|
55 - 58
|
3.75%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 69
|
5.75%
|
65 - 69
|
5.50%
|
70 - 74
|
5.75%
|
70 - 74
|
5.60%
|
75+
|
6.00%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.75%
|
55 - 58
|
3.75%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 74
|
5.75%
|
65 - 74
|
5.35%
|
75+
|
6.00%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.50%
|
55 - 58
|
3.50%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 74
|
5.50%
|
65 - 74
|
5.25%
|
75+
|
5.85%
|
75+
|
5.60%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.50%
|
55 - 58
|
3.50%
|
59 - 64
|
4.25%
|
59 - 64
|
4.00%
|
65+
|
5.25%
|
65+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual
Income rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual
Income rate
|
55 - 58
|
3.50%
|
55 - 58
|
3.50%
|
59 - 64
|
4.00%
|
59 - 64
|
4.00%
|
65+
|
5.00%
|
65 - 74
|
4.50%
|
|
|
75+
|
5.00%
|
Single & Joint Life Option*
|
Single & Joint Life Option
|
Age
|
Protected Annual
Income rate
|
55 - 58
|
3.50%
|
59 - 64
|
4.00%
|
65+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
4.00%
|
55 - 64
|
4.00%
|
59+
|
5.00%
|
65+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.00%
|
55 - 58
|
3.00%
|
59 - 64
|
3.50%
|
59 - 64
|
3.50%
|
65 - 69
|
4.50%
|
65 - 69
|
4.00%
|
70+
|
5.00%
|
70+
|
4.50%
|
Single & Joint Life Option*
|
Single & Joint Life Option
|
Age
|
Protected Annual
Income rate
|
55 - 58
|
3.00%
|
59 - 64
|
3.50%
|
65 - 69
|
4.50%
|
70+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.50%
|
55 - 64
|
3.50%
|
59 - 64
|
4.00%
|
65 - 69
|
4.50%
|
65 - 69
|
4.50%
|
70+
|
5.00%
|
70+
|
5.00%
|
|
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value or Protected Income Base*
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value or Protected Income Base*
|
Under age 40
|
2.00%
|
Under age 40
|
2.00%
|
40 - 54
|
2.25%
|
40 - 54
|
2.00%
|
55 - 58
|
2.25%
|
55 -58
|
2.00%
|
59 - 64
|
3.25%
|
59 - 64
|
2.50%
|
65 - 69
|
4.00%
|
65 - 69
|
3.00%
|
70 - 74
|
4.50%
|
70 - 74
|
3.25%
|
75 - 79
|
4.50%
|
75 - 79
|
3.50%
|
80+
|
4.50%
|
80+
|
3.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value or Protected Income Base
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value or Protected Income Base*
|
Under age 40
|
2.50%
|
Under age 40
|
2.50%
|
40 - 54
|
3.00%
|
40 - 54
|
3.00%
|
55 - 58
|
3.50%
|
55 -58
|
3.50%
|
59 - 64
|
4.00%
|
59 - 64
|
4.00%
|
65 - 69
|
4.50%
|
65 - 69
|
4.00%
|
70 - 74
|
5.00%
|
70 - 74
|
4.50%
|
75 - 79
|
5.00%
|
75 - 79
|
5.00%
|
80+
|
5.50%
|
80+
|
5.50%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value or Protected Income Base*
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value or Protected Income Base*
|
Under age 40
|
2.50%
|
Under age 40
|
2.50%
|
40 - 54
|
3.00%
|
40 - 54
|
2.75%
|
55 - 58
|
3.25%
|
55 -58
|
3.00%
|
59 - 64
|
3.75%
|
59 - 64
|
3.50%
|
65 - 69
|
4.25%
|
65 - 69
|
4.00%
|
70 - 74
|
5.00%
|
70 - 74
|
4.25%
|
75 - 79
|
5.00%
|
75 - 79
|
4.75%
|
80+
|
5.25%
|
80+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value or Protected Income Base*
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value or Protected Income Base*
|
Under age 40
|
2.50%
|
Under age 40
|
2.50%
|
40 - 54
|
3.00%
|
40 - 54
|
3.00%
|
55 - 58
|
3.50%
|
55 -58
|
3.50%
|
59 - 64
|
4.00%
|
59 - 69
|
4.00%
|
65 - 69
|
4.50%
|
70 - 74
|
4.50%
|
70 - 79
|
5.00%
|
75 - 79
|
5.00%
|
80+
|
5.50%
|
80+
|
5.50%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value or Protected Income Base *
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value or Protected Income Base *
|
Under age 40
|
2.00%
|
Under age 40
|
2.00%
|
40 - 54
|
2.50%
|
40 - 54
|
2.50%
|
55 - 58
|
3.00%
|
55 - 58
|
3.00%
|
59 - 64
|
3.50%
|
59 - 69
|
3.50%
|
65 - 69
|
4.00%
|
70 - 74
|
4.00%
|
70 - 74
|
4.50%
|
75+
|
4.50%
|
75+
|
5.00%
|
|
|
Single & Joint Life Option*
|
Single & Joint Life Option*
|
Age
|
Percentage of
Account Value
or Protected Income Base**
|
Under age 40
|
2.50%
|
40 - 54
|
3.00%
|
55 - 58
|
3.50%
|
59 - 64
|
4.00%
|
65 - 69
|
4.50%
|
70 - 79
|
5.00%
|
80+
|
5.50%
|
Single & Joint Life Option*
|
Single & Joint Life Option*
|
Age
|
Percentage of Account
Value, Protected Income Base or
Guaranteed Amount**
|
Under age 40
|
2.00%
|
40 - 54
|
2.50%
|
55 - 58
|
3.00%
|
59 - 64
|
3.50%
|
65 - 69
|
4.00%
|
70 - 74
|
4.50%
|
75+
|
5.00%
|
If your rider was purchased:
|
The Enhancement is based on the…
|
…multiplied by the
Enhancement Rate of…
|
On or after July 25, 2022, but prior to June 25, 2023
|
Enhancement Base
|
7%
|
On or after May 18, 2020, but prior to July 25, 2022
|
Enhancement Base
|
5%
|
On or after August 20, 2018, but prior to May 18, 2020
|
Enhancement Base
|
6%
|
Prior to August 20, 2018
|
Protected Income Base
|
5%
|
|
Single
Life
|
Joint
Life
|
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) riders elected prior to April 30, 2024
|
0.65%
|
0.85%
|
|
|
|
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) for Lincoln Lifetime IncomeSMAdvantage 2.0
(Managed Risk) riders elected between October 12, 2020 and June 25, 2023
|
1.50%
|
1.60%
|
|
|
|
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) for Lincoln Lifetime IncomeSMAdvantage 2.0
(Managed Risk) riders elected on or after May 21, 2018 and prior to October 12, 2020
|
1.25%
|
1.50%
|
|
|
|
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) for Lincoln Lifetime IncomeSMAdvantage 2.0
(Managed Risk) riders elected prior to May 21, 2018
|
1.05%
|
1.25%
|
Contents
|
Page
|
Special Terms
|
B-2
|
General Information and History
|
B-2
|
Lincoln Life & Annuity Company of New York
|
B-2
|
Variable Annuity Account (VAA)
|
B-3
|
Investment Results
|
B-3
|
Capital Markets
|
B-3
|
Advertising & Ratings
|
B-3
|
Non-Principal Risks of Investing In The
Contract
|
B-4
|
Services
|
B-4
|
Contents
|
Page
|
Purchase of Securities Being Offered
|
B-4
|
Principal Underwriter
|
B-4
|
Contract Information
|
B-5
|
Additional Services
|
B-5
|
Other Information
|
B-6
|
Determination of Accumulation and Annuity
Unit Value
|
B-6
|
Annuity Payouts
|
B-6
|
Financial Statements
|
B-7
|